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Initially you may only be making a tiny amount of money passively, and you may even want to re-invest that money so that it compounds and grows faster. However, with a few time, its possible to create enough passive income you could quit your job or retire .

Passive income can be a small divisive topic. In general, passive income is any money that you make without putting in much work. The money will flow in without too much being required of you. In some cases it might be long-term recurring income, and in other instances it might be short lived or inconsistent.

In some cases youll need to put in some effort up front, but then it wont need just as much effort in the future when youre making the money.

Exactly what qualifies as passive income is up for discussion. Most lists that youll find online will include things like blogging, writing e-books, or creating your own course. Im not including those thoughts in this post because, in my opinion, they all require too much effort to be considered as passive.

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Blogging will constantly require on-going work, either by yourself or from others which youre paying.  Selling ebooks or classes will require on-going customer support, plus youll need a consistent traffic supply in order to continue to create sales. It's possible and there are people who have been able to do it , but they compose a small percentage of people who really set out to do it.

Ive been blogging full-time for 10 decades and Ive sold ebooks and courses in the past. Theyre great ways to earn money, I simply dont consider them to be passive, in the majority of cases. .

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Nearly any business can be a source of passive income when youre paying others to run the business. That is true with both online and traditional businesses. This opens up even more possibilities than what will be recorded here.

Now lets take a peek at a few of the best ways to produce passive income. A number of these are investments which will require some money to begin with. Others wont require any money to get started. In case you dont have the money to invest now, try starting with the approaches that dont require any money, and then utilize that money that you earn to invest. .

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Your first financial priority must be to build up an emergency fund that can cover all your find out here now living expenses for a few months. But dont put this money would be a checking or savings account at a local bank that pays you a terrible interest rate. You can open a high yield savings account or money market account with an online bank which will earn a lot better return for you.

My wife and I maintain our emergency fund in a money market account with CIT Bank. At the moment (October 2018) CIT money market accounts are earning 1.85% APY and CIT savings accounts are earning 1.55% APY. Thats 22x the national average! Opening an account with CIT is quick and simple, and can be done online. .

Some companies consistently pay dividends for their shareholders. As a trader, you can re-invest the dividends to purchase more shares of this stock, or take the dividends in money. Reinvesting will let you own more shares, which contributes to more dividends in the future (ideally).

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The companies that consistently pay dividends tend to be large companies with a long history of success. As a result of this, these investments tend to be considered less risky than the stock exchange in general.

Dividend stocks can anonymous be a great investment regardless of whether you want to reinvest each the dividends on hold on to the stock for a long time, or make use of the income produced throughout the dividends.

For much more detail on the topic read Investing in Dividend Stocks at Investopedia. To get a list of those stocks, see this collection from Dividend.com and this collection from DividendValueBuilder.com.

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Peer-to-peer lending (or P2P) is becoming extremely popular in recent decades. Creditors and lenders can be paired up through a website or market. Instead of home going to a bank, the debtor gets a loan from an investor.

In some situations the borrower might not have the ability to be eligible for a loan through a traditional bank. And in many circumstances the debtor gets a better interest rate than they could receive from a bank. As an investor, you can earn a great return too.